The increase in funding for UKTI in China will help companies tap into the fast-growing Chinese economy, which is expanding at a rate of more than £600bn a year as the country’s domestic consumption booms.
The extra money will be focused on promoting exports in product areas where the UK has a world-class reputation, including advanced manufacturing, creative industries and education, energy and infrastructure, financial services, healthcare and life sciences.
UKTI has already identified £1.3bn of export opportunities in China for 2015-15, the year when the extra funding becomes available.
Lord Livingston, Trade Minister, said: “These initiatives will give UK businesses access to expertise in China, and offer greater support in the UK to access the biggest trade opportunities in high-growth markets.
“We are focusing on key sectors within China, providing leadership to best support the 2020 Export Drive and increase UK businesses’ access to trade opportunities around the world.”
As well as exports, the extra money is expected to help attract more money from China into the UK, cementing Britain’s place as Europe’s top investment destination from the country.
In 2013, Britain exported £12.4bn of goods to China, making the country the UK’s seventh biggest export market.